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Brent oil was smacked 5% last night to $59.45 as US crude inventory data surged again. The equivalent indicative LNG contract price is $8.68:
The news today dominated by an Origin shocker, from the AFR:
Origin Energy posted a 9 per cent dip in first-half underlying profit to $346 million, and fell to a net loss of $25 million on the bottom line due to non-cash charges and interest expenses.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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